MANAGING YOUR FOOTBALL CLUB ACCOUNTS.
As a club, it will be important to raise funds quickly to cover the essential expenditure such as affiliation fees, league membership fee, pitch hire charges (which often must be paid well in advance) and kit.
Decide the fee for members’ annual subscription and at which bank or building society to open an account in the club name. Make sure that you keep the members fully informed, through the treasurer, of any expenditure and how much is in the account.
The Club Treasurer has a key role to manage and administer finances for the club. The additional issues that require the Treasurer’s attention are as follows:
- The income and expenditure record and balance sheet must be presented to the club’s annual general meeting and considered there by the members.
- A cash book and all vouchers must be retained by the club for at least two seasons preceding the current season to be available for production to the Sheffield & Hallamshire CFA whenever required. The Inland Revenue or other bodies may require more.
- When a new club official with the authority to sign cheques is appointed, the bank must be notified without delay and a new bank mandate must be completed.
- All clubs should operate a separate bank or building society account for the transaction of club business.
Always remember that every member of a club is likely to be a joint owner of any assets of the club, but also jointly liable for all or part of any debts. Clubs should therefore consider suitable insurance and seek advice from appropriate league, competition or County Football Association representatives.
It is also important to make provision for how any cash, kit or other assets will be dealt with if the club ceases to exist.